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Marco Polo Marine Terminates Sembcorp Marine Rig Construction Contract
Daily Bulletin | 18 November 2015
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Marco Polo Marine has announced the termination of a US$214.3 million contract for a jack-up rig under construction at Sembcorp Marine’s 85 percent-owned PPL Shipyard.

The group decided on the termination following PPL Shipyard’s failure to comply with certain of its material contractual obligations. In view of the termination, the group will not be taking delivery of the new rig and will be seeking a refund of 10 percent of the contract price (approximately US$21.4 million). In a separate announcement, Sembcorp Marine has announced the disagreement with the allegations and will regard the termination as a repudiatory breach of contract, and will terminate the contract and claims amounts due under the contract against Marco Polo Marine.

Marco Polo Marine  0.018 -- --   
Business: A regional integrated marine logistic co, principally engaged in shipping & shipyard businesses. [FY18 Turnover] Ship building & repair (56.8%), ship chartering (43.2%).

Insight: May-19, 1H19 revenue slid 17.7% due to reduced shi... Read More
Sembcorp Marine  1.200 -0.020 -1.64%   
Business: Co is a leading global marine & offshore engineering group. [FY18 Turnover] rigs & floaters, repairs & upgrades, offshore platforms (98.8%), ship chartering (1%), others activities (0.2%).

Insight: May-19, 1Q19 revenue fell 31.3% to $810.6m due to ... Read More

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